TN's growth pattern balanced, achieved 8% growth post-Covid: Finance Minister

Chennai: Tamil Nadu clocked an economic growth rate of 8 percent post-Covid and the growth pattern is balanced, state Finance Minister Thangam Thennarasu asserted on Monday and attributed the positive growth to Chief Minister M K Stalin's proactive measures.

The state's inflation index value steadily declined to 5.91 percent in 2022-23 from 7.92 percent in 2021-22 as against the national values of 8.82 percent and 9.31 percent during the corresponding period, he said.

"We registered a positive economic growth of 8 percent while there was a negative growth across India. Tamil Nadu's economic growth rate is continuously increasing because of the measures initiated by the Chief Minister and his administrative capabilities," Thennarasu told reporters at the Secretariat.

The state's planning commission's measures and the sustained efforts of the government to improve the growth ensured a turnaround, he claimed.

"The steps taken to obtain investment ensured balanced growth based on the Dravidian model of governance," the Finance Minister said.

Despite the setback in the growth during the pandemic, the state government was able to arrest the downslide and achieve 8 percent growth in two years, he said.

Admitting that there has been stagnation in certain sectors, Thennarasu said the contribution of the production and service sectors has been more compared to other sectors.

"Focus is also on agriculture and other areas... Now new ventures are coming up at various places across the state revving up the growth engine," he added.

This apart, Tamil Nadu fared better with regard to per capita income, which was Rs. 1.54 lakh in 2021-22 and Rs 1.66 lakh in 2022-23, compared to India's figures of Rs 92,583 and Rs 98,174 in 2021-22 and 2022-23, respectively, he said.